City manager suggests lower property tax rate

Charlotte City Manager Curt Walton is floating the idea of lowering property taxes from 45.86 cents per $100 in property value to 43.7 cents.

Under the new rate, the owner of a $200,000 home would pay $874 in property taxes, down from $917 in the previous fiscal year.

Walton made the suggestion Monday during his budget presentation for fiscal 2012-13.

He said some things have changed since the council’s February budget retreat, making him recommend lowering the rate. One primary reason for the suggestion of the lower rate, he said, is a smaller increase in group insurance costs the city will have to pay for employee health insurance. An 8 percent increase in the group rate was expected, but instead it will rise by 3 percent.

“The economy is showing signs of improvement,” Walton said, “so much so that I am comfortable giving you a two-year budget outlook once again instead of doing only one year at a time as we had been during the worst of the economic recession.”